Attention all homeowners! Do you qualify for the home owner grant?
When it comes to property taxes in Vancouver there are a myriad of things to be aware of that could qualify you for tax exemptions. We have covered in detail the new taxes that have come out in the past year regarding Speculation Tax and Empty Homes Tax. Make sure you read up on all the info here in our blog post!
Home owners in Vancouver will be happy to hear that if they own their home and have this home as their primary residence, they quality for a grant called the ‘Home Owner Grant’. Yes, it is that simple! We will cover the steps to take the ensure the reduction in your property taxes as a result of this grant, however to read the information directly from gov.bc, check out this link here.
What the home owner grant is…
If you qualify for the home owner grant it reduces the amount of property taxes that you will have to pay.
“The regular grant (also called the basic grant) amount for people under the age of 65 is $570 in the Capital Regional District, Metro Vancouver Regional District and the Fraser Valley Regional District. For all other areas of the province the amount is $770.”
Do you qualify?
In order to quality you must meet these requirements:
- Be the registered owner of the residence
- Be a Canadian citizen or permanent resident of Canada
- Occupy the residence as your principal residence
- You must occupy your principal residence when you apply for the grant
You may still apply if you meet any of these requirements
- Work outside the province
- Have had to leave the residence due to reasons such as medical, travel, home renovations or education
- Moved into a resident care facility
- Moved out of your principal residence because it was damaged
What if you are buying or selling?
If you are buying or selling property you still be able to claim part of the grant.
If you purchased your property during the current tax year, you may be eligible for the grant if you meet these requirements:
- The previous owner didn’t pay all of the taxes
- Previous owner didn’t claim the grant
- You didn’t receive a grant this year for another home
- You are occupying the property when you receive the grant
You must apply for the grant each year to receive it, and you cannot apply for more than one grant each year.
Find out when and how to apply for the grant here.
For more information on real estate market in Vancouver, current trends, buying a home or selling a home, contact Leo Wilk – Your Top Vancouver Realtor.
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